TaxTMI 
TaxTMI 
2019 (5) TMI 1792
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.... Private Limited is a company incorporated under the Companies Act, 1956 on 09th August, 2011, having identification No. U24230GJ2011PTC066692, having its registered office at 20, Gurukrupa Society, Behind New Kotak Bank, Ghod Dod Road, Surat 395 007, Gujarat State. That, Authorised share capital of the respondent company is Rs. and paid up share capital is Rs. 4,97,99,600/-. 4. That, the applicant/financial creditor has submitted that the respondent company approached the applicant bank during the year 2012 and the bank had sanctioned loans as per the details given hereunder: - Sr. No. Particulars Amount sanctioned Rs. Date of disbursement Date of default 01 CC facili 2,50,00,000/- 03.07.2015 31.03.2016 02 Term Loan 1 15,56,00,000/- 22.10.2012 31.03.2016 03 Term Loan 2 1,35,35,000/- 24.09.2015 31.03.2016 5. The applicant has further submitted that the respondent company had approached the applicant bank for renewal of credit facilities and requested for fresh working capital facility and having considered the request made by the respondent company to renew with new facility and having considered the securities and g....
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....hteen crores thirty-five Iacs thirty-two thousand eighty-eight and twenty paise only) plus interest from 08.07.2016. That, copy of said demand notice is placed with the application marked as Annexure A44. 8. The applicant bank has further submitted that, demand notice dated 08.07.2016 was duly received by the respondent company. That, after expiry of 60 days' period of the demand notice issued under section 13 (2) of the Securitisation Act, the applicant bank had issued prior notice to take physical possession of the secured properties under Section 13 (4). That, to defeat the recovery, the respondent company had filed Special Civil Application No. 15799 of 2016 before Hon'ble Gujarat High Court which was dismissed on 12.01.2017. That, applicant bank had taken symbolic possession of the secured assets on 16.01.2017 and had taken physical possession on 30.08.2017. That, to defeat the recovery, the respondent company had filed SA No. 295/2017 before Debt Recovery Tribunal - Il, Ahmedabad which was partly allowed by DRT vide order dated 19.02.2018. That, order of DRT - Il dated 19.02.2018 was challenged by the applicant bank before DRAT, Mumbai by way of appeal No. 205 of 2....
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....12 136-137 16 A18 Letter of hypothecation dated 15.10.2012 138-143 17 A19 Affidavit cum declaration dated 16.10.2012 144-148 18 A20 Mortgage deed dated 17.10.2012 149-174 19 A21 sanction letter dated 22.02.2014 & 29.11.2014 175-189 20 A22 Board resolution dated 19.02.2015 190 21 A23 Demand promissory note dated 03.07.2015 191 22 A24 Supplemental term loan agreement for change repayment schedule dated 23.02.2015 192-194 23 A25 Agreement of hypothecation dated 03.07.2015 195-202 24 A26 Letter of waiver dated 03.07.2015 203-204 25 A27 Letter of disbursement dated 03.07.2015 - form 86 205 26 A28 Letter of hypothecation dated 03.07.2015 206-229 27 A29 Letter of continuity dated 03.07.2015 230-231 28 A30 Letter of consent by borrower dated 03.07.15 232-233 29 A31 Letter of interest dated 03.07.2015 234 30 A32 Declaration/undertaking dated 15.07.2015 235-239 31 A33 Term loan agreement dated 03.07.2015 ....
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....der 1B Code, 2016, however, the respondent company neither made payment nor given any reply to the notice. Records available shows that the respondent has not cared to reply the notice issued by the applicant. The amount due to the Financial Creditor from the Corporate Debtor is a financial debt. In view of the Judgment of the Hon'ble National Company Law Appellate Tribunal, in case of M/S. rnnoventive Industries Ltd. Vs. ICICI Bank & Anr., in Company Appeal No. 1 & 2 of 2017, this Adjudicating Authority has to satisfy whether a default has occurred; whether the Application is complete; and whether any disciplinary proceeding is pending against the proposed Insolvency Resolution Professional. 13. In the instant application, from the material placed on record by the Applicant, this Authority is satisfied that the Corporate Debtor committed default in paying the financial debt to the Applicant and the respondent company has acknowledged the debt. As can be seen from the Written Communication of the proposed Insolvency Resolution Process, no disciplinary proceedings are pending against him. 14. In the instant case, the documents produced by the Financial Creditor clearly est....